China, the country leading global sales of new energy vehicles (NEVs), not only will maintain its market position accounting for half of all expected global NEV during the next decade, but it may also do a grand entrance into western markets.
This is according to London-based market analyst CRU, whose recent EV report states that local sales will be driven in part by government policy – such as mandating a minimum quota of NEV sales for automakers – but also by increased consumer demand as NEV prices continue to decline and the availability of high-quality models increases.
“The Chinese government has announced clear plans to raise NEV sales to 20% of the automotive market by 2025, and 50% by 2035, and as time goes on, these look more and more achievable,” the document reads.
The analyst also believes the Asian giant may start to target international buyers in the coming years, given that it already has a head-start on manufacturing scale over the west and that government subsidies to the industry are starting to decline.
CRU points out that, although feasible, exporting electric vehicles may not be easy for Chinese manufacturers because, at least in Europe and the US, there isn’t a single widely accepted Chinese car brand marketed and sold and even in China, western automotive sales are higher than Chinese brands.
For the rest of this article: https://www.mining.com/chinese-ev-makers-may-be-looking-at-western-markets-report/